Humic Acid are used in a wide range of applications such as dietary nutrition, horticulture, medicine and agriculture among others. The rising growth of organic farming across the globe is substantially contributing to the growth of the Humic Acid Market. Humic Acid is extensively used in soil to enhance the fertility, water retaining ability and thereby increasing the productivity of the land.
Competitive Analysis
Some of the prominent players operating in the Global Humic Acid Market are Biolchim S.p.A. (Italy), HCM Agro Products Private Ltd. (India), Humintech GmbH (Germany), Humic Growth Solutions, Inc. (US), Jiloca Industrial, S.A. (Spain), Omnia Holdings Limited (South Africa), Saint Humic Acid (China), Sikko Industries Ltd. (India), Arihant Bio Fertichem Pvt. Ltd. (India), Shandong Chuangxin Humic Acid Technology Co. Ltd. (China), Black Earth Humic LP (Canada), Minerals Technology Inc. (US), Horizon AG-Products (US), among others.
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Market Segmentation
The Global Humic Acid Market is segmented into application and region. On the basis of application, the global market of Humic Acid can be further segmented into dietary supplements, agriculture, horticulture, ecological bioremediation, medicines and others. On the basis of region, the Global Humic Acid Market is bifurcated into Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa.
Market Scenario
Among the various applications of the Humic Acid, the agriculture segment was the dominant segment in 2016 and is expected to show the same trend during the forecast years where as the dietary supplement application segment is expected to witness the highest growth during the review period. The growing demand for organic produce across the globe coupled with the stringent regulations for the use of chemical fertilizers is expected to augment the market during the forecast period. The Agricultural application segment is expected to hold the market share of over 40% during the assessed period.
The Global Humic Acid Market is spanned across five key regions: Europe, Asia Pacific, North America Latin America, and the Middle East & Africa. Among these, Asia Pacific is the fastest growing market during the forecast period. The presence of agrarian ecnonomies has augmetd the use of humic acid in the agricultural farms. Moreover, the growing population has incresed the demand for agricultural produced in turn adding to the demand for humic acid. North America is anticipated to be the largest market on account of the growing demand for organic agricultural produce in the region.
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